Bill > S4272

Introduced Session

This bill extends the economic recovery term established under the "Municipal Rehabilitation and Economic Recovery Act," ("MRERA") P.L.2002, c.43 (C.52:27BBB-1 et al.), by five years. In 2002, the State enacted the MRERA to establish special governing procedures, economic benefits, and fiscal oversight measures to stabilize the finances of qualified municipalities that experienced long-term fiscal distress. The City of Camden was the only municipality to qualify under the act. Specifically, the MRERA established two distinct periods of fiscal oversight: (1) the rehabilitation term, during which time the municipality is subject to direct oversight by a chief operating officer appointed by the State; and (2) the economic recovery term, during which time the municipality is no longer overseen by the chief operating officer, but remains subject to certain additional forms of State oversight. Under current law, the economic recovery term would conclude 10 years following the termination of the chief operating officer, which occurred in January, 2010. The bill instead provides that the economic recovery term would not conclude until 15 years following that termination. Consequently, the City of Camden would remain subject to the governing procedures, economic benefits, and fiscal oversight measures provided under the MRERA until January, 2025.

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Nilsa Cruz-Perez (D)*, 

Received in the Assembly without Reference, 2nd Reading (on 01/13/2020)

Official Document